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tv   Making Money With Charles Payne  FOX Business  November 3, 2020 2:00pm-3:00pm EST

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calmer, wonderful heads prevail on this, that realize with all our warts this is still the best country on earth. don't forget to join the coverage tonight with 7:00 p.m. on this fine network. we'll go as long as it takes. including next fellow, charles payne, to take you through the next hour. charles: neil, can't wait for tonight. good afternoon, i'm charles payne. this is "making money." breaking right now the best election day rally since 1984, when the stock market rally predicted winner. that indicator has been right every year since. is the late trump momentum going to be enough? we're focused on sorting out the postelection portfolio. meanwhile the trump team knocked on one million doors. i wail ask lara trump how that makes a difference. both sides planning a legal strategy with not a clear winner tonight. jenna ellis is with us. control for the senate is up for grabs as some incumbents face the fight for their careers.
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we'll get the story from tennessee senator marsha blackburn. all that and more on "making money." charles: it is election day. everyone wants to know how the outcome will impact the market. my goal on the show is to go into the nuances of market. we seek out individual opportunities. historically the market higher three months into the election has seen the incumbent win every time since 1984. 20 out of the last 23 election cycles that goes a long way. on that note i would like to give me as i bring in my guests succinct answers on the specific sectors because we're looking for opportunities. i have got the right guys for you. beginningbeginning with send grd bahnsen, heritage capital cio paul schatz, belpointe chief market strategist david nelson. i want to start with technology and communications. been a rough go but david
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nelson, how do you see this group postelection? >> i think the message from the market you can move down the valuation curve. last week you saw four of five largest companies on the planet get the bronx cheer. i think in part because valuations were kind of stretched. it is reflected in the share price, even other names, value names. look at a name i don't own right now, a name like dell computer. the work at home trade will be certainly with us for a while. that speaks to laptop sales. not to mention this is a closet cloud company through their ownership of vmware. the stock traded 1000 times. i think this is a cheaper name. charles: paul? >> listen, i think there is so many great opportunities. we were loaded up in buying on friday and yesterday. i think there is, just so many opportunities out there. what's interesting is until today work from home, stay at home trade has really lagged. since that peak in august some
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of the big tech names, ones overowned ones, bubblesque ones have all lagged. look what is happening? you're getting the broadening of the market. we love things like mohawk which is a play on the continued boom in housing. super earnings. it was a laggard. that is taking off. caterpillar, same thing. blew out earnings with planned infrastructure. i think people have to get out of their comfort zones. when the security blanket of apple and find things that are working, that will work looking ahead, not what happened in the last 10 months. charles: we'll definitely work our way through the entire s&p structure if you will so we can help them with that. mohawk, a housing boom, number one stock on friday, number two stock yesterday. probably still has momentum. got an up grade this morning. david bahnsen, communication technology stocks for the most
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part, they blowout earnings, up on revenue. they took a hit lower. i think they were over their skis. how do you feel? >> i think that is exactly what it was but i don't think that has changed. i still think they're well over their skis. a stock at 180 times earnings, that goes to 172 times earnings doesn't become cheap. people believe the multiples are justifiable, they believe they're sustainable and they believe they need to be repriced. as you know, charles, i'm more in the latter camp i don't think you can say about the entire space. i don't think it is about all stay at home names or tech names. i think the big fang names that benefited from index inclusion, heavy cap weighted index purchases and just resulted in a self-fulfilling prophecy of an obscene valuation. charles: let's switch to a sector that has not enjoyed all of those benefits, the financials and i want to go back to you, david, because you wrote
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a book about this, about a possible president warren or talking about a possible treasury secretary warren or sanders. how are you looking at financials right now? >> well i think that concern has been out there and a lot of people asked me about it, do i think the market would respond negatively if joe biden wins and selects elizabeth warren as treasury secretary? the answer is yes i would. i don't mean it would go down a little. i msnbc it would go down couple thousand points at idea of treasury secretary warren. only thing i am not concerned about that. that will not happen. elizabeth warren will not be our treasury secretary. first they have a republican governor in massachusetts who would be naming her replacement. joe biden is not going to let a republican senator go into massachusetts. but even apart from that kind of political or tactical reason, joe biden doesn't owe her anything. she didn't do anything to help his campaign. she is an extremist. she is completely off her rocker and she brought the obama-biden
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administration the embarrassing consumer financial protection bureau which has got smacked around in the courts ever since and done nothing to lower systemic financial risk in our country. charles: right. >> so there are plenty of things to like about the financials and there are plenty of things to dislike. elizabeth warren is not in that calculus. charles: i'm with you on that. david nelson, we talked about rotating this, is a group a sector, a lot of folks talked about for a couple years now. if biden wins would you still be looking at financials? >> yeah, look at the yield curve right now. we're starting to get close to 90 basis points on the 10-year treasury. that speaks to net interest margins, very good for this sector. you're seeing all those names perform very well today. charles: since last thursday energy probably the best-performing sector, absolutely on fire. paul schatz, what is that telling you? to me is suggests maybe trump wins today. but if he doesn't, is energy done, would you touch it?
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>> energy is not done. i made this bet in the last two months often. i will take energy for the next 10 years over alternative energy and the socially responsible stocks. charles: wow. >> the worst -- big thing for energy. i mean whether you like it or not -- >> that is off the chart. >> even if biden wins which odds certainly favor and our model favors it doesn't mean energy stocks will -- i think it is absolutely ludicrous to think you shouldn't own exxonmobil. charles: i don't know. some people think plug power market cap on exxonmobil next 10 years. bahnsen, you liked limited partnerships. it is that one area where i think refinitive would lose 44% of earnings next year under biden's policies. do you stay long this group? >> well again, you say long the key names in the group. the exxon and chevrons are going to benefit from bidens policy. the new regulation he brings in
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hurt the littlefy. they don't hurt the big guy. it gives exxon and chevron more market share. exxon is a huge contributor to lobbying for a carbon tax. why would they do that? it seems to go against their best interest. it doesn't go against their guess interest, to see the left get rid of a lot of smaller players. i think that will happen here. i would take that bet on his side unfortunately 10 years from now. no question, i believe the big integrated companies with balance sheeted strength will do better than the alternative energy names. charles: okay. all right. wow. okay. i mean that is great. listen, obviously a lot of folks, that is counter thinking why i appreciate you guys. we got about a minute to go. if i can from each of you, what you are doing, you know, right now in your portfolio, that you think works no matter who wins? i will go back to you, david nelson, on this. >> i would still stay with the testing names right now. a company like lap corp.
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testing will be with us from one time. trading at 11 times. i can live with that. charles: paul? >> certainly health care i think, everybody hates health care at election. candidates all trash it. health care is fine after the election. shockingly i'm sticking with some utility names. american electric power, southern company, minnesota and con-ed for sure. and to a lesser extent i will take a little bit of tech but won't go where i have been for the last couple years with tech. charles: david bahnsen. >> real quick, no matter who is president dividend growth still matters. people still need income. interest rate policy is still going to be at the zero bound. you need growing income, stable cash flows. we're doing that before, during and after the election. charles: david, paul, david, thank you very much. great stuff, appreciate it. guys.
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now of course a lot of attention is on the presidential race but control for the senate also up for grabs. senator marsha blackburn will give us her take next. later in the hour trump senior advisor lara trump shares how she expects the campaign's ground game to make all the difference. we'll be right back. ♪
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time out! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪. charles: the senate is very much in play this election day. democrats only need to gain four seats to flip the chamber. that number falls to three if joe biden wins. joining me tennessee republican senator marsha blackburn. senator, you're not up for re-election but what do you expect? how do you think the results play out tonight with a potential runoff or two during the course of the week? >> yes, indeed. i'm in georgia right now with senator kelly kelly loeffler. we have a better than 50% chance of holding on to the senate. i'm cautiously optimistic. but you know, charles, the big thing to look at, these races are trending our way.
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every single one of them. you look up lindsey's race. he is outside the margin of error as is joni. you've got seats we'll probably pick up in michigan, minnesota looks really good for us. you have had out in new mexico closing the gap. the big issue out there, joe biden said what he will really do, get rid of oil and gas and 130,000 of those 2.9 million people in new mexico, they're working for the oil and gas industry. charles: right. you mention michigan and minnesota. you know, usually it is the president that has the coattails. could senate wins, particularly from what i'm hearing in michigan actually help president trump cross the finish line? >> i think you're going to see that combination. it is kind of like a one two punch if you will. and great senate candidates,
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president trump out there talking about his record and, working so hard. i've never seen a president, i have never seen anybody work as hard pass donald trump is working to work for the american people, to work for freedom's cause. to let people know, i believe in you. i trust in you. wewe are seeing that up and down the ballot with our candidates. and it doesn't matter if it is georgia on north carolina or wherever. people are coming around to the republican ticket. they don't want to lose those tax cuts that they got in 2017. charles: let me ask you about this, because you're known for getting along with everyone. how much hope that we can have at least begin as a nation to heal once this election dust is settled? >> my hope is that we will begin to see this nation heal.
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that we will return to that very important premise of having robust respectful bipartisan debate. and as you know, charles, that is how you reach agreement on legislation, that is going to stand the test of time. is having both democrats and republicans agree. charles: right. >> that something should be changed in law. so my hope is that we move forward. i think that you're going to see us keep this republican majority. we are, i'm always willing to have a conversation with anyone who wants to -- charles: you are. >> tennesseans and americans better. charles: senator blackburn, it is always a pleasure. thank you very much. appreciate it. >> good to be -- charles: meanwhile, folks, sort of on that, you too. sort of on that same topic lawyers are on stand by for both presidential candidates if there is not clear winner. we'll speak with trump attorney jenna ellis about their clear
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♪. charles: millions of americans casting their ballots today and just a few hours from now the first polls will actually close in six states including battleground georgia but we may not know the winner of the election tonight as some states including pennsylvania and north carolina will count ballots that are mailed on or before election day but are received days later. now lawyers from both sides are gearing up for potential legal battles. joining me attorney for president trump, jenna ellis. jenna, let's go through this. what are the different sort of political options here, obstacles, shenanigans? we keep hearing about armies of
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lawyers ready to go? >> first, happy president trump re-election day, charles. it is really an exciting day for america. charles: thank you. >> but of course we're hopeful that these teams of lawyers that president trump has, lawyers for trump coalition won't even be needed because we will have and win such an electoral landslide. we know the winner. that would be the best outcome for america but if needed the constitution is very clear in article ii, that the electors, remember this is the electoral college that matters, only the state legislatures can determine the method by which the electors are appointed in each state. so what is happening in battleground pennsylvania, for example, is that the state legislature had nine months if they wanted to change the election law in the midst of covid. they chose not to act. you cannot have the state governor, the attorney general, the secretary of state, the clerk, anyone else decide unilaterally to count ballots that are received after election day which the deadline, which is the law. so president trump has been very clear. we will continue to fight for
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free and fair elections, to fight for the constitution, for the process and for the law. charles: it sounds like a couple of these cases might find their way back to the supreme court. we know one recently where justice amy coney barrett did not, she didn't feel like she was informed enough to have an opinion on it but more than likely she will be involved in any future decisions, wouldn't she? >> that's likely and you know, again we're hopeful that if there is any sort of controversy in pennsylvania, north carolina, any of these battleground states, that the margin is just so clear that these battles don't even matter but the precedent value i think is important and from a legal perspective the supreme court and doctrinally speaking the supreme court always had changing election law through the court system so close to an election really isn't the best policy. of course they're going to follow the constitution. so we're prepared to fight hard for the american people.
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president trump has always fought hard to make sure no one is disenfranchised. as we're looking at pennsylvania right now, we're seeing on twitter, suppression videos, voter intimidation, democrats not allowing team trump members, certified poll watchers to gain access. these are things critical to election integrity, making sure free and fair elections are preserved in the united states of america. charles: sure. >> that is what president trump is fighting for, if we need to we'll fight the legal battles. charles: jenna ellis, thank you very much. >> thanks, charles. >> meanwhile, folks, former vice president joe biden making stops in pennsylvania today. as you know, we talked about it. the key state, could be one that determines the next president. other battleground states are close, we're watching them. wisconsin, michigan, florida, arizona. recent weeks president trump is narrowing the gap. he has momentum on his side. i'm joined by republican
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strategist, joseph pinion and political analyst, tesla figaro. how will the board look, when all settled particularly with the swing states, how do you see them all shaking out? >> i think last time in 2016, i thought, i weren't say we, i didn't do it, a lot of folks had the states had idea how the board would look and were completely wrong. at this point all we can can do is continue speculate. all we know democrats are leading as far as early votes and republicans doing what they do, show up on election day. this is very close race which is concerning to both sides, democrat and republican. i'm an independent. so i don't pick either side. both sides would love to see a decisive win so it is crystal clear how the american people feel once this night is over, even if we do not get an ends, the hope enough of those swing states will come in decidedly by this evening. charles: you know, joseph, to
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that point, all the early voting, mail-in voting we do know the republicans show up on the final day, those gaps closing, the momentum is clearly with president trump nationally and key swing states. is it enough? did it come too late? what do you think? >> look, i mean i think the thing that we might be thinking about is that president trump might just be one debate short after landslide. i think joe biden put himself in a bit of a bind talking about the obliteration of fossil fuels, the elimination of fracking, really i think out of step with the rank-and-file voters in places like pennsylvania, texas, who depend on those types of jobs. to make sure they put food on their table, particularly in the midst of this covid-19 crisis. overall to my colleague's point we can't always say anything about the polls, other than the only polls that matter will be the exit polls. if we look and -- charles: sure there is no doubt about that. yeah. there is no doubt about that, joe, but the momentum -- i'm not
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a big apology, but i'm a big momentum guy. i'm a big chartist t looks to me, to your point, certainly a week later there would be no question about the outcome. i still feel like perhaps trump has the momentum but i also want to switch gears because a lot has been made about the black male vote, maybe deciding the outcome in some key states. joe, win or lose, has president trump taught the republican party they can and should go after the black vote? >> i think unequivocally president trump has done what no other republican candidate has done in my lifetime which is purposely and intentionally gone after the african-american vote. if you talk about the success that republican policies and conservative policies have made for black and brown lives all across this country, specifically with this administration, talking about the first step act, talking about opportunity zones, it is not about lip service and the emotional love language of a people. it is really about how do these policies transform lives.
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and i think that no, maybe we won't get 30%. but we'll get high enough percentage i think moving forward there will be lessons learned for the gop in the future. charles: so, tezlyn, by the same token are the days of democrats taking the black vote granted, are those days over? will they have to really hustle for them? >> it is not just about democrats taking it for granted, it is about conservatives not even trying to reach out to the communities this is bigger than president trump, one republican running and one republican reaching out for the first time in like my colleague said in his lifetime. the bottom line is, in my neighborhood republicans do not run in predominantly black neighborhoods. until republicans run in that's neighborhoods, those districts to sell the policies why they're the best person for the job, that is the only time you will see a big difference? the swing vote. it will not come by social media campaigns. it comes meeting folks eye-to-eye, door-to-door, making their case. charles: i love that answer. hey, we've got less than a
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minute but i want to squeeze this in. i want to play wednesday morning quarterback. the mistake either side may have made. i will ask you first, tezlyn tomorrow what mistake do you think democrats realize they made win, lose or draw? >> one thing i've been critical of not getting out being face-to-face with voters early on in this campaign. allowing covid to be an excuse. in the last couple weeks they certainly got out and did campaigning but the excuse earlier was, we want to be responsible but covid is still in play. so i do think in the last couple weeks they got on the ground because they realized they had to compete. republicans knocked on a million doors per month is another area where democrats could have did better f they do win they have to certainly step their game up and decide how they want to move forward with the midterms for sure, try not to do the same thing they did in the past. charles: yeah. certainly seemed like a copout with all those lids that biden was calling.
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joe, 30 seconds. in the aftermath of all of it, win, lose, or draw something republicans should have done better? >> i think republicans could have gone on the offensive more with covid, democrats say trust the experts but even the experts couldn't tell us we had a pernicious virus that could be transmitted person-to-person as late as february 14th. again making sure that they had gone more on the offensive with things like fossil fuels. talking about fracking. talking about the seven million jobs and i think we could have more robust defense of the economy president trump created and the economy is to come moving forward. charles: joseph, tezlyn, thank you both very much. folks, we'll be right back. it was 1961 when
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♪. charles: now i continue to say whoever wins the election will be blessed with an economy that could explode in 2021.
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households have the lowest debt-to-income in history. try almost 16%, or $2.8 trillion. corporations are sitting on billions of dollars. the housing market is booming. manufacturing is surging. did you see the ism report yesterday? absolutely amazing. if you layer on another round of fiscal stimulus could see a huge 2021 probably sparked by vaccine approval. i want to bring in bny mellon chief strategist alicia levine. alicia, i have to tell you seems all the pieces are there whoever wins. i think the key would be vaccine approval to get things in motion? >> hi, charles, it is great to see you on today, historic day. look i agree with you. if you think about what 2020 was, it was all about uncertainty. it was investing through all of this uncertainty, politically as well as with the coronavirus. what we see in 21 is a year of certainty.
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a year of clarity. we know where we are with the virus as we get more medical news coming in the first quarter around the second quarter with vaccines, that can start to treat the population. and with that you will start to see all of the stimulus, the fiscal stimulus and the monetary stimulus from the fed really coming to bear and people are fed up with being locked down and ready to participate in the real economy. i agree with you. i think next year looks terrific. i think it looks great for investing as well. charles: now on that note though not everything will, you know, pardon me the same, depending on who wins the election, right? so how do you think -- are there certain sectors again with this same theme probably will do well no matter who wins today? >> right. so the message of the market for the last two months has been cyclicality. meaning areas of the economy that will benefit in a cyclical recovery. so we start seeing yields move up. we see the yield curve
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steepening. we start seeing the industrials and manufacturing and anything that related to housing moving higher in relation to tech which really did well during the stay at home economy. and for the last two months they have been duking it out but the cyclicals have been winning. i think, regardless who wins the election either trump or biden, you're getting huge stimulus and with that recovery and with that the cyclicals win. charles: no, i love the action in industrials and material names for sure. before i let you go, alicia, any major changes that you've made in your portfolio or your strategy that you're sharing with your clients right now? >> i think actually you have to be a little careful with tech here particularly if the blue wave materializes because higher tax rates on capital, whether higher tax rates for corporate or capital gains will dent earnings and lower pes. companies with low pes don't
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do well with higher taxes and lower yields. that is something to look out for if the market is right the blue wave is happening it may not be right. it may be closer than the market thinks. >> all righty. alicia, thank you very much. in the meantime president trump is making the best case to lead the economy out of this pandemic. he has a pretty good sales pitch. u.s. manufacturing we saw posted best gain last month, the highest level in two years. even as the virus continues to rage among us. the institute for supply management said the index rose by four percentage points last month. for more on this v-shaped recovery i want to bring in top white house advisor peter navarro. peter, economic data point after economic data point after economic data point has been absolutely remarkable. you could argue maybe they're losing steam. many have already formed a v-shape. how do you see a second trump act playing out with respect to this economy? >> charles, i love the ism manufacturing index really
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spiking there. the only thing i'm long today is donald j. trump, greatest jobs president, greatest trade negotiator in history. i think he may well become the greatest closer in history. he came off of his china virus deathbed like lazeth, did over 40 appearances, rallies. truly remarkable. i think, i'm hearing your bullishness. frankly if joe biden gets in there it is only a matter of time before we have a really hard time. if he wins i'm long guns, plexiglass and antidepressants, charles. i think this, this route will go through michigan and pennsylvania. i think biden made a huge mistake. he will lose the frackers in the lower peninsula in michigan and marcellus shale area which is most of pennsylvania.
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up in northeast pennsylvania i hear biden went up there to visit his hometown. i think he is there to beg forgiveness for destroying manufacturing with his votes on nafta, china and wto. i don't think anybody there with institutional memory will forgive for joe biden moving to delaware and basically destroying manufacturing as we knew it in this country. so i'm london ailed j trump today and. charles: right. >> i think it is going to be interesting thing. it is remarkable that the president closed. at this point in 2016 on election day the betting odds on trump were 28%. today it is close to 40 and i do think that shy trump voter is twice as large as it was in 2016, given all the garbage that the mainstream media has thrown at trump. charles: no doubt about it. we hear, read about that all the
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time. listen, i don't have a lot of time, listen, china had their five-year plan again. they're talking about doubling the size of their economy, things to be quite honest with you they cannot achieve without doing the stuff they have done in the past like stealing technology, unfair trade practices. apparently they're feeling like if they get joe biden in there they will be able to get away with this stuff again. >> they done everything they could to get joe biden there, including killing over 200,000 americans, putting millions of us on the unemployment line. communist china, basically there is a bill that is coming due and if president trump gets a second term, he will continue to be the only president who has ever stood up to them. we can't tolerate what they do, charles. they really exploitedded this crisis for their own end and shame on them. charles: peter navarro, always appreciate our conversations. thanks a lot. >> great to talk toy. take care. charles: i will save you some antidepressants just in case.
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president trump hectic rallies, his campaign drummed up support going door-to-door to door. senior advisor lara trump how it will impact the president's re-election chances. it made all the difference in 2016. we'll be right back. i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests.
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♪. charles: folks, breaking news, the uk raised the terror threat level just a couple hours ago to severe. which means they expect imminent attack. now the increase in terrorism in europe is reminder how few incidents we actually had here in america since the election of president trump. i actually think many take it for granted. i think it is part and parcel of his commitment to be the law and order president. we've seen enough swing in violence during this summer of love. big cities are boarded up for potential election related violence. joining me to discuss, trump 2020 senior advisor lara trump. lara president trump won the suburban housewife vote in 2016. a lot of people say it was because of law and order. it is the safety issue. now the experts say he won't win that but i can't imagine people don't feel safer, maybe taking it for granted, what are they missing, the experts? >> yeah.
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well they're missing a lot unfortunately, the experts. we know, charles, they missed a lot in 2016. all the experts said there was no path to victory for donald trump, don't forget. especially when it comes to women and suburban women. they may not be talking to their friends or postings on social media. i really don't think they're talking to pollsters but you're exactly right. they know who has been looking out for them. they understand that the thing that is most important is safety and security because after all, if you don't have that, nothing else ultimately matters. i can tell you as a mom of two young children i want to know that my kids get to grow up in a safe community. they can play in our front yard. they can ride their bikes to school. they get to grow up in the same america i got to grow up in. donald trump is the one offering that and he is the one person between these two men who is standing up to say, we need safe communities and stand up for the law enforcement. we have to push back against the agitators all over the country in these liberal cities. charles: right. so what do you make of all these boarded up cities?
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you know, images from new york, to d.c., all around the country, big megadepartment stores? we, that says something to me that is really frightening where we are in this country right now. >> it is really terrible to see. it is truly un-american. this is unfortunately politics at its worst. it is reality that we have very liberal mayors of our great american cities who turned their back on people much their communities. we don't care about your safety. we don't care about small businesses. we don't care about any businesses quite frankly or structures in our own cities. we're willing to let the mob rule. we do not want law and order in our cities. you know that president trump, charles, since day one, said i want to help. i want to quell violence and send it in federal resources offered to every mayor and every city in america. sadly, many of them turned him down. it is a really sad thing to see. people will vote accordingly and vote red in this election.
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charles: i think another thing that will help your cause, the women for trump bus tour. first of all, i repeat this, you all did not get the credit you deserve for 2016. you were instrumental. this time around the campaign knocked on a million doors. why is that method in the day and age of internet, seeingsocial media, why knocking on doors is so effective. >> we knocked on a million doors. that is just in the state of nevada alone. we knocked on $25 million this election cycle. that is five times what we did in 2016 but i think you're right. i think voters want to know that you're going to get out, you're going to work hard for their vote. after all if you work hard for their vote, you will work hard for them in the white house. that is exactly what you've seen from the trump campaign and from this president. very different by the way, than what you've seen on the other side of the coin where the candidate himself, joe biden hasn't felt the need truly to get out and campaign. he has been at home quite a bit. he doesn't have many surrogates
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out on the road. they didn't start knocking doors until about a month ago, they didn't realize, the trump campaign knocked on almost 25 million doors. people are effective. want to hear from you. incredible to be out across the country, hear the stories and why they vote for donald trump for four more years. charles: i have less than a minute, tell me, quickly, the thing that maybe has surprised you, that was surprised audience, particularly we don't hear this kind of stuff from the media very often. >> tell you one of the things i continue to hear. people come up to me and whisper that they're voting for donald trump. people are coming up to me in droves. they didn't vote for donald trump. they were mad that media tricked them in sift civil. these are the people first in line to vote for president donald trump. they are so mad they didn't cast a vote for him in 2016. the silent majority is real.
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it is bigger now than it was. i think we'll feel that in a big way tonight. charles: lara trump, always a pleasure. good luck tonight. stocks in full rally mode as we head toward the final hour of trading but how will invest react if biden wins and enact as national lockdown? that is out there. we'll discuss it next. ♪ (harold) twelve hundred strings of lights. (betsy) quarter mile of tinsel. (harold) and real snow all the way from switzerland. (betsy) hmmhm... gonna be tough to top. ♪ (betsy) well played. (vo) add some thrill to your wish list. at the season of audi sales event. get exceptional offers now.
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new projects means you need to hire.gers. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. charles: well, stocks firmly in
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the green as voters head to the polls. the top issue for voters, part of the big ones, of course, combatting covid-19. on that, i want to bring in trend macro chief investment officer donald luskin. you put out an amazing piece every day on what's happening and it differs so much, honestly, differs so much from what i read in the mainstream media so my main question is, what are the chances that we will get, you know, more lockdowns here in the united states or greater restrictions based on your work? >> we are already getting some. you are seeing them in illinois, seeing them in michigan, but generally, i think this country has had lockdown fatigue and i think our fearless leaders have learned the lesson that it doesn't really work anyway. if here or in spain or italy or the uk or france, anywhere where there's a resurgence in cases, these are all places where we did lock down in march, in april and may, and they said that was to make the virus go away. did it?
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no. so why would we do lockdowns again when they didn't work the first time, oh, and they caused a global depression. so nobody is so stupid as to do that again. not even these fake governors i mentioned. charles: well, it's interesting, to your point, less than two weeks, about ten days ago the headline on the paper that i was reading, italy did everything right, so what went wrong. they had a resurgence. here was the thing that caught my eye. 80% of the people who got new covid cases were indoors. they were isolated. only 4% were doing recreational activities or going to school. that flips the whole script on its head. >> so let me get this straight. we have an infectious disease that people can give to each other if they are in close contact with each other so let's force them to all stay indoors, where they are near each other. okay. only a politician could come up with that as a solution. but that's what they did in
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every country in the world. how stupid do you have to be. charles: yeah, well, i agree with you. i don't think there's going to be a massive lockdown. although president biden, you know, a potential president biden says he might listen to the scientists and you know, i would believe if he were to listen to fauci, he would probably do something or try to force some sort of massive lockdown. >> this is the risk. trump is the open up the economy president. biden is the guy who is saying he's going to lock down again if his little fauci birdie on his left shoulder whispers that that should happen because oh, i have to follow the science. well, how about following the economics. how about following the totality of the well-being of people. there are things in this world other than whether you do or don't get covid. there's whether you have a job or not, right. so a competent president puts all of this in balance, takes it all into consideration. he doesn't just hand the keys to
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the car over to dr. fauci. charles: want to talk to you about this election or more importantly, where people should be invested as these votes are being counted. are you making any changes in your portfolio and how do you see it playing out? >> well, there's a possibility here that if biden's elected, i don't think he will, we have two quantitative models that say he won't but if he does, then the tax rates we have right now, especially the tax rates on dividends and capital gains are probably the lowest we will have in our lifetime so if trump doesn't win, everybody out there needs to roth-ize your i.r.a. and s.e.p. and lock in this year's tax rates because they will never be this low again under a democrat. charles: all right. you know what? that's some of the most practical, best advice i think i have heard in a long time. i will be repeating it over and over again if i have to. maybe i won't have to. >> hopefully you won't have to. charles: thank you very much.
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appreciate it, as usual. in the meantime, folks, this rally is holding up as we head into the last hour of trading on election day. this the second best election day since 1984. liz claman, over to you. liz: i want to borrow that jacket next election day. okay? let's switch. it looks good. charles: you got it. liz: you got it. all right. great to see you. thank you so much. it is decision day in america, folks. the next 59 minutes will be eminently important for your money as we enter the final hour of trade. we are now just four hours from the first polls closing. a record-breaking 99 million americans have now cast their votes early and millions more will arrive at the polls during this hour. you are looking at a live picture, this is interesting, this is ballot counting at the philadelphia convention center. it looks very much like an amazon warehouse, right? you've got a lot of people wearing the yellow vests right

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